If You can't connect to any device, than it's OK You can't see/set the time&date and the volume.
You didn't wrote, if this remote was worked fine before, or it's a new purchase, and also you didn't shared with us, which B&O parts do You wish to use with the remote.
If You have two way system(s), just like B&O 2500, or MX TV, then You can use the two way communication, if You have a younger set, maybe You can use this remote as a one way remote only.
In any case, You have to teach Your remote Your system.
To do this use "Panel" -> "Setup" -> "Compnts" -> "Audio" and/or "Video".
In these menus first You have to remove all components, and You must select them again. If You have a two way communication, then these systems will synchronise, if not, the selected component will be simply selected. After You did it with Your entire system, try the remote again.
Hope this helps :)